 |
| Oil Filter Elements Market |
The oil filter elements market is estimated to be valued at US$ 3.59 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Oil filter elements are used to remove contaminants from engine oil in
vehicles. They are made up of materials like pleated paper, plastic, and foam.
These elements trap particles like dirt, carbon, sludge and metals from the
oil. This keeps the engine running smoothly and prevents excessive wear and
tear. The automotive industry is a major end user of oil filter elements as
they are used in all types of vehicles including passenger cars, commercial
vehicles, motorsport vehicles, and heavy equipment.
Market Dynamics:
The growth of the oil filter elements market is majorly driven by increasing
vehicle production globally. According to OICA (International Organization of
Motor Vehicle Manufacturers), around 90 million vehicles were produced
worldwide in 2021 indicating a rise of 4% from 2020 production figures.
Increasing demand for newer vehicles especially in emerging economies of Asia
Pacific and Latin America is boosting the aftermarket for replacement of filters.
Furthermore, stricter emission norms requiring quality filters are supporting
the adoption of oil filter elements in vehicles. However, increasing preference
of extended oil change intervals may hamper the market growth during the
forecast period.
SWOT Analysis
Strength: The oil filter elements market enjoys few inherent strengths. Oil
filter elements effectively remove harmful contaminants from engine oil,
helping extend engine life. Leading players offer premium quality oil filter
elements that provide superior filtration. Furthermore, the aftermarket for
replacement filters is large given most vehicles require filter changes every
5,000-10,000 miles.
Weakness: Oil filter elements have very low profit margins for manufacturers.
Raw material costs, mainly of steel, constitute a major portion of the
production costs. Also, the market is highly competitive with presence of
numerous global and regional players.
Opportunity: Growing automotive production and vehicle parc globally presents
an opportunity for higher demand. Stricter emission norms necessitating
improved engine performance aids filter element sales. Online and multi-brand
auto parts retailers expanding reach and driving replacement filter sales.
Threats: Volatility in raw material prices poses risks. Technological advances
may lead to alternative filtration solutions lowering need for frequent filter
replacements lowering demand. Rising environmental concerns and push for
electrification can dent long-term growth in internal combustion engines.
Key Takeaways
The global Oil
Filter Elements Market Share is expected to witness high growth,
exhibiting CAGR of 5.9% over the
forecast period, due to increasing vehicle parc across emerging economies of
Asia Pacific and Latin America along with more stringent emission norms
necessitating improved engine filtering.
Regional analysis: Asia Pacific dominates the global oil filter elements
market, both in terms of production and consumption. Countries such as China,
India, and Japan contribute significantly to the regional market growth. This
can be attributed to rising vehicle production and large pre-existing vehicle
population. Furthermore, presence of key global manufacturers aids regional
market. North America and Europe are other major markets, though growth is
projected to be relatively slow owing to maturity.
Key players related content: Key players operating in the oil filter elements
market are MANN+HUMMEL, Mahle GmbH, Denso Corporation, Robert Bosch GmbH,
Donaldson Company, Inc., Clarcor Inc. (Acquired by Parker Hannifin Corp),
Sogefi SpA, Hengst SE, ACDelco (Subsidiary of General Motors), Cummins Inc.,
Fram Group, K&N Engineering, Inc., Freudenberg Group, WIX Filters
(MANN+HUMMEL), UFI Filters. The market remains fragmented with these players accounting
for majority share. Companies compete on quality, product range, and
distribution network.
Read More,
https://www.trendingwebwire.com/oil-filter-element-market-trends-size-and-share-analysis/
0 Comments